Cooke & Bieler LP Sells 64,126 Shares of Open Text Corporation $OTEX

Cooke & Bieler LP trimmed its holdings in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 1.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,041,008 shares of the software maker’s stock after selling 64,126 shares during the quarter. Open Text accounts for 1.8% of Cooke & Bieler LP’s portfolio, making the stock its 13th largest holding. Cooke & Bieler LP’s holdings in Open Text were worth $176,397,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Cromwell Holdings LLC boosted its holdings in Open Text by 27.4% in the 2nd quarter. Cromwell Holdings LLC now owns 1,635 shares of the software maker’s stock valued at $48,000 after purchasing an additional 352 shares during the period. Headlands Technologies LLC lifted its stake in shares of Open Text by 360.6% in the first quarter. Headlands Technologies LLC now owns 2,888 shares of the software maker’s stock valued at $73,000 after buying an additional 2,261 shares during the period. United Services Automobile Association bought a new stake in shares of Open Text in the first quarter valued at about $213,000. Ridgewood Investments LLC lifted its stake in shares of Open Text by 593.1% in the first quarter. Ridgewood Investments LLC now owns 8,664 shares of the software maker’s stock valued at $219,000 after buying an additional 7,414 shares during the period. Finally, Callan Family Office LLC bought a new stake in shares of Open Text in the 2nd quarter worth approximately $250,000. 70.37% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

OTEX has been the subject of a number of research reports. Scotiabank upgraded Open Text from a “sector perform” rating to an “outperform” rating and raised their price objective for the stock from $35.00 to $50.00 in a research report on Wednesday, September 24th. TD Cowen reaffirmed a “hold” rating and issued a $40.00 target price on shares of Open Text in a research report on Friday, October 3rd. National Bank Financial raised Open Text from a “sector perform” rating to an “outperform” rating and set a $45.00 target price for the company in a research report on Monday, September 15th. Jefferies Financial Group downgraded shares of Open Text from a “buy” rating to a “hold” rating and set a $33.00 price objective for the company. in a report on Tuesday, August 12th. Finally, Royal Bank Of Canada raised their price objective on shares of Open Text from $30.00 to $35.00 and gave the stock a “sector perform” rating in a report on Tuesday, September 2nd. Three equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $38.42.

Open Text Stock Performance

NASDAQ:OTEX opened at $38.35 on Friday. Open Text Corporation has a 1 year low of $22.79 and a 1 year high of $39.90. The firm has a 50 day moving average of $36.83 and a 200-day moving average of $31.42. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.61. The stock has a market capitalization of $9.66 billion, a P/E ratio of 23.24 and a beta of 1.17.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings data on Thursday, August 7th. The software maker reported $0.97 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.11. The company had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.30 billion. Open Text had a return on equity of 22.52% and a net margin of 8.43%.The business’s revenue was down 3.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.98 earnings per share. As a group, sell-side analysts anticipate that Open Text Corporation will post 3.45 EPS for the current fiscal year.

Open Text Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 19th. Investors of record on Friday, September 5th were issued a $0.275 dividend. This is a positive change from Open Text’s previous quarterly dividend of $0.26. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend was Friday, September 5th. Open Text’s dividend payout ratio (DPR) is presently 66.67%.

Open Text Company Profile

Open Text Corporation provides information management software and solutions. The company offers content services, which includes content collaboration and intelligent capture to records management, collaboration, e-signatures, and archiving; and operates experience cloud platform that provides customer experience and web content management, digital asset management, customer analytics, AI and insights, e-discovery, digital fax, omnichannel communications, secure messaging, and voice of customer, as well as customer journey, testing, and segmentation.